Oil prices have started to fall sharply after Iran's most recent statement on the Strait of Hormuz, Bild reports.

Accordingly, the price of a barrel of Brent crude oil has fallen by more than 7 percent, compared to Thursday, to about $91; yesterday it was about $100. A similar trend is observed in the case of WTI oil, too.

This is how the global oil market is likely reacting to Iran's statement that commercial ships will be allowed to pass through the Strait of Hormuz during the current ceasefire between Israel and Lebanon.